Compass to buy Nordic food catering business Fazer Food

Compass Group has agreed to buy Nordic food catering business Fazer Food Services for around €475m.

The initial cash consideration is estimated at around €420m, with the remaining deferred consideration payable within seven years.

Compass said the deal is "very attractive" for the group, which already a presence in the region.

The company's chief executive officer, Dominic Blakemore, said: "Fazer Food Services is a highly regarded food service business in the Nordic region, and like Compass, is focused on high-quality food, culinary innovation, sustainability and great customer service.

"I am excited that, together with our existing colleagues in the region, we will be able to further enhance our customer proposition in the Nordic market."

Meanwhile, Fazer Group's President and CEO, Christoph Vitzthum, said: "We believe Compass will provide a great home for Fazer Food Services. It is a leading food services business with a global reach and a strong purpose.

"Our two companies share similar values with a clear focus on food, outstanding customer service and a commitment to people. Whilst we are sad to see many of our colleagues leave Fazer Group to join Compass, we believe this acquisition will allow Fazer Food Services to achieve its full potential."